A painful path option for Bitcoin
Updated
I keep trying to imagine what a very painful scenario would be that few are prepared for. I could see BTC linger in this "handle" right around the election. Then depending on who wins it might soar (Trump) or break down for a longer period (Biden). I'm not making a prediction, just an observation. The wait could be a bit shorter if it somehow becomes painfully obvious who the winner of the election is and people try to front-run it.
Also, such a prolonged consolidation till Nov just looks right in terms of time proportion to the cup's base. 🤷
Such a scenario would sure be hurtful for altcoin holders, who might run out of patience and sell, which would be the precursor for going higher.
Also, such a prolonged consolidation till Nov just looks right in terms of time proportion to the cup's base. 🤷
Such a scenario would sure be hurtful for altcoin holders, who might run out of patience and sell, which would be the precursor for going higher.
Comment
This path is invalidated given recent price action. I still think we push higher towards year end but have adjusted how that might look like.
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